“They (the board) shouldn’t sacrifice the rigour of the test or quality of the applicant just to have higher numbers. That doesn’t help anyone,” says Matt Altro, CEO of MCA Cross Border Advisors, who has completed his CFP certification in Canada, Quebec and the U.S. “If done properly they should be able to maintain the integrity of the exam in the shorter form.”
The board says that the online test – which will launch in November – will improve and ease the experience for students. For example, the exam will be offered at 250 testing sites across the U.S. over an increased period of 15 testing days. Currently, the paper-version is distributed in 50 cities, just three times a year (March, July and November). Preliminary results will also be made available immediately, with final results distributed within one to two weeks – much shorter than the current five-week waiting period. Students will also be able to schedule their tests online.
The final paper exams will be administered March 21-22 and July 18-19, according to the board.
Do you feel the changes will compromise the CFP exam, potentially churning out less qualified financial planners? Tell WP what you think in the comment box below.
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